Collision Damage Waiver

Collision Damage Waiver (CDW)

Definition

An agreement with an auto rental company in which the renter is released from
liability for collision damage to the vehicle in exchange for a fee, subject to
the terms of the rental agreement or a state statute if one exists. It is not
insurance but a contractual obligation subject to many restrictions.

Related Terms

An agreement with an auto rental company in which the renter is released from
liability for physical damage to the vehicle in exchange for a fee, subject to
the terms of the rental agreement or a state statute if one exists. It is not
insurance but a contractual obligation subject to many restrictions. In some
contracts, the renter may be able to choose either a full damage waiver or one
that holds the renter responsible for damage only over a certain specified
amount, sort of an inverse deductible. The rental agreement typically
stipulates that purchasing the damage waiver is not mandatory.

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